Memes that do not comply with financial promotion rules could sentence the maker to two years in jail under an FCA proposal.
A new guideline proposed by the UK financial regulator will even impact the creation and spread of memes. The Financial Conduct Authority has published proposed guidance on financial promotions on social media that focuses on promotional memes and financial influencers – “finfluencers”.
The FCA assured that there are memes circulating online that hide promotions from financial companies. And in this regard, he said that influential people sell these products to those with little knowledge and that they generally target a younger audience.
The FCA considers cryptocurrencies to be a high-risk investment. You can advertise to retail investors in general, but there are requirements such as the inclusion of risk warnings and the prohibition of investment incentives.
The entity also said that these promotions could be an offense punishable by up to two years in jail, an unlimited fine, or both. The law even applies to promotions from outside the UK that could have an effect in the country.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
